Perspective
Feb. 18, 2010
Everything Must Go
Trial and appellate lawyer Dan Lawton imagines a time where California is forced to liquidate all its assets for the benefit of creditors.
By Dan Lawton
Joe Ducey had lived in Bellflower for 70 of his 76 years when he learned from CNN on Sept. 5, 2010, that the state of California was liquidating all its assets for the benefit of creditors. It was 160 years to the day from the admission of California to the Union. California had no more money and no more credit. Its liabilities to bondholders, lenders, pensioners, and employees now exceeded the value of all land, livestock, and improvements in the state, by ...For only $95 a month (the price of 2 article purchases)
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